According to Matthew Yglesias the hoopla stirring regarding China, Geithner, and global currency is all a vast right-wing echo chamber conspiracy and in the article Right-Wing Echo Chamber Fomenting Panic About Fake Sino-Russian Global Currency Plan he colors the right as fanatical loons just trying to make "The One" look bad. Likewise my friend DJ Black Adam writes the following on his blog:
"How about, instead of the right wasting time and energy on trying to prove that President Obama is a "Socialist" from the internationally acclaimed "Chicago Socialist School of Richard J. Daley," perhaps...I don't know...actually try providing alternatives to mitigate the movements of the extreme left (which, I'm sorry to inform you Barack is NOT a part of). "
First of all Mr. Yglesias if you read the statement by Zhou Xiachuan of the People's Bank of China here, you will find that the goal is to replace the dollar with a new reserve currency, because the Chinese are worried that Obama is destroying the viability of the dollar as a common currency for international transactions. Please refrain from lambasting the right wing for doing the job that the MSM in this country has abdicated (too bad we don't get paid for this).
DJ Black Adam it's really immaterial whether or not PSBO is a socialist in the purest sense or not. Define him however you'd like but the fact of the matter is that the US in on shaky financial ground. Yet we continue to go into debt with China and the success of our Treasury bond sales depends on the good will of China's Gao Xiqing, who controls over $700,000,000,000 of outstanding US treasury notes and who reportedly is a hard core Chinese Communist who regards America as China's enemy. Paul Shlicta maintains in his article the BC Bubble at the American Thinker that Barack Obama is continuing to push his irresponsible budget for one or all of the following reasons:
1. He is too naïve or ignorant to understand what he is risking.
2. He knows but doesn't care, being interested only in what looks good for the moment.
3. He wants to cause inflation, because inflation favors debtors and the biggest debtor in the United States is the United States. Moreover, inflation leads to devaluation of the dollar, which, as James Lewis recently pointed out, is one of the key objectives of puppet master George Soros. 4. He wants to provoke a crisis of capitalism, as James Simpson has already suggested. (Source)
Whatever the reason, the effects could be devastating. So you can call us looney if you'd like but I believe to use your words "ALL of Americans (right, left, white, black, pepsi, coke, McDonald's, Burger King)" will be effected by his decisions. I'm not trying to cause fear and panic---just awareness. Let's not crucify the truth because it's unpleasant.